Below is a general due diligence checklist with the first 8 of 16 items to cover your bases in a business or asset purchase transaction. If you are thinking about purchasing a business from someone, you should be aware of Pennsylvania's Bulk Sale Law.THIS ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of September. Asset-based loans in Pennsylvania allow borrowers to secure financing based on the value of their assets. Learn more about asset-based lending in PA here. An asset purchase agreement, or asset sale agreement, should contain details about the business, buyer, seller, and assets acquired through the transaction. Activity, including the partial or complete liquidation or sale of business assets, or making sales to persons within the City of Philadelphia. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. Asset purchases occur between a seller and buyer of a company's assets, including facilities, vehicles, equipment, stock, and inventory. I'm also adding this article to learn how to track depreciation in the program using journal entries: Depreciate assets in QuickBooks Online.